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The Supply and Demand Schedules for the Umbrella Market Are

Question 61

Multiple Choice

The supply and demand schedules for the umbrella market are given below:  Price  Quantity Supplied  Quantity Demanded $10400700$15500650$20600600$25700550$30800500 TABLE 32\begin{array}{l}\begin{array} { | l | l | l | } \hline \text { Price } & \text { Quantity Supplied } & \text { Quantity Demanded } \\\hline \$ 10 & 400 & 700 \\\hline \$ 15 & 500 & 650 \\\hline \$ 20 & 600 & 600 \\\hline \$ 25 & 700 & 550 \\\hline \$ 30 & 800 & 500 \\\hline\end{array}\\\text { TABLE } 3 - 2\end{array}
-Refer to Table 3- 2. At a price of there would be an excess of umbrellas.


A) $20; supply
B) $20; demand
C) $10; supply
D) $30; demand
E) $10; demand

Correct Answer:

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